Currency pair Euro/Dollar EUR/USD continues to move as part of the correction and the formation of the «Triangle» model, the uncertainty still remains until the model goes beyond the limits. Moving averages indicate a short-term bullish trend for the pair. Prices are testing the area between the signal lines, which indicates pressure from buyers of the European currency and the potential continued growth of the European currency. At the time of the publication of the forecast, the Euro/Dollar rate is 1.1264. As part of the Forex forecast for July 2, 2020, we should expect an attempt to develop a fall and test the support level near the 1.1185 area. Further, the rebound and continued growth of the Euro/Dollar currency pair. The potential target of this movement on FOREX is the area above the level of 1.1675.
EUR/USD Forecast Euro Dollar July 2, 2020
An additional signal in favor of the growth of EUR/USD quotes will be a test of the support line on the relative strength index (RSI). The second signal will be a rebound from the lower boundary of the «Triangle» model, many traders are already buying inside the model if they are waiting for the price to continue to rise. Cancellation of the growth option for the quotes of the Euro/Dollar pair will be a depreciation and a breakdown of the level of 1.1085. This will indicate a breakdown of the support area and continued fall into the area at the level of 1.0825 and testing the pattern in this place. Expect confirmation of growth for the EUR/USD currency pair with a breakdown of the resistance area and closing prices above the level of 1.1395. In this case, we will receive confirmation of the beginning of the development of the «Triangle» pattern further up.
Among the important news from the Euro and the USA, which may affect the rate of the EUR/USD pair, it is worth highlighting: United States Nonfarm Payrolls.
EUR/USD Forecast Euro Dollar July 2, 2020 implies the development of a correction and test of the support area near the level of 1.1185. Where can we expect a rebound and an attempt to continue the growth of the pair in the area above the level of 1.1675. A test of the trend line on the relative strength index (RSI) will be in favor of the rise in the currency pair. The cancellation of the EUR/USD growth option will be a fall and a breakdown of the level of 1.1085. This will indicate a breakdown of support and continued fall of the currency pair on Forex to the area below the level of 1.0825.
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